Comments on: Why Managing Your Finances is a Joint Venture

By: Barbara

Barbara — Mon, 14 Dec 2009 07:41:15 +0000

A good and relevant post here. Of course a marriage is a partnership, and as is the case with any partnership, finances need to be discussed and managed otherwise it can create lots of problems very quickly for the finances and for the partnership/relationship.
Many people tend to overlook this and feel that finances will just work themselves out. What a mistake that is,- and articles such as yours really help to alert couples to the pitfalls (and opportunities) that exist.

By: Wojciech

Wojciech — Wed, 25 Nov 2009 23:42:10 +0000

As you mention, and as has been shown by research, spouses often have opposite financial “profiles.” The husband might be the saver, while the wife is the spender, and vice versa.

The best solution that I have come across and would recommend to everyone is the envelope budget.

Most money fights happen because of this constant struggle between saving and spending. The tension is always there, with one party trying to “win” over the other quietly and as much as possible. Maybe sometimes you get together and talk about it.

When you use any form of envelope budgets, you talk about things at certain times–and you iron out your exact allotments up front. You get it all out there and come to a consensus. Then what? No tension for weeks or months, until you meet to come to a head again.
Wojciech´s last blog ..How to Take Advantage of a Crappy Economy

By: Jason

Jason — Wed, 18 Nov 2009 12:30:28 +0000

@ Ken – communication is the lifeblood of any relationship. It can be hard sometimes, but sooner or later it has to happen openly and freely.

By: Jason

Jason — Tue, 17 Nov 2009 11:55:30 +0000

@ Kevin – Agreed. There does seem to be a lot of the “one spouse handles everything arrangement”, which isn’t good in the case of a loss of the loved one.

Our set up isn’t perfect, but it works for us and it keeps us both involved.

By: Ken

Ken — Tue, 17 Nov 2009 10:26:38 +0000

I agree with comunication being the critical issue. While spouses may not agree on all money issues, they need to at least have open discussions about these differences.
Ken´s last blog ..Getting vs. Giving

By: Kevin@OutOfYourRut

Kevin@OutOfYourRut — Mon, 16 Nov 2009 20:07:52 +0000

You make a good point with “my wife handles the day-to-day and I handle the bigger picture, investment types of decisions.” It’s good to have different functions within the framework of overall agreement, that way disagreements over specific tactics are kept to a minimum. One spouse might be better at big picture management, the other in more routine matters. That’s where two become stronger than one.

The downside is where the two spouses are in agreement that one should manage the finances completely. In death or divorce that arrangement can be an unmitigated disaster for the non-money spouse. There’s too much of that type of arrangement unfortunately, and the realization of it’s limitations usually don’t surface until it’s too late.

The “joint” in joint venture has to be active!
Kevin@OutOfYourRut´s last blog ..Ten Ways to be More Productive in Business and on the Job